NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) -- DSS, Inc. (NYSE American: DSS) announced today that Impact BioMedical Inc. (“Impact”) filed a Current Report on Form 8-K with the Securities and Exchange Commission on November 6, 2023, disclosing that Impact effected a reverse stock split of its issued and outstanding common stock by a ratio of 1 for 55. Impact did not effectuate a reverse split of its authorized capital stock and no amendment to the articles of incorporation or bylaws was made. Impact received approval from its majority stockholder and the Company’s Board of Directors to effectuate the reverse split.
In addition to the reverse split, Impact’s Form 8-K discloses DSS BioHealth Security, Inc.’s, (“DBH”) conversion of substantially all of its 87.5% common stock equity interest in Impact into an equivalent number of Series A Convertible Preferred Stock. The Series A Convertible Preferred Stock can be converted back to Impact Biomedical common stock 75 days after October 31, 2023.
DBH has voluntarily removed itself from receiving any future dividends from earnings, enhancing greater return potential to the remaining Impact common stock equity holders, as currently only the holders of common of Impact are eligible for any potential dividend distributions.
Frank Heuszel, CEO of DSS, Inc., said, “By converting DBH’s common equity interest into preferred stock, Impact has increased value for Impact’s existing shareholders and the loyal DSS, Inc. shareholders who received the Impact shares through a dividend distribution.”
Heuszel continued, “Existing Impact common stockholders, who previously held approximately 12% of the outstanding common stock of Impact, will now hold approximately 88% of the company’s common stock shares.”
About DSS, Inc.
DSS is a multinational company operating businesses within nine (9) divisions: Product Packaging, Biotechnology, Commercial Lending, Securities and Investment Management, Alternative Trading, Digital Transformation, Secure Living, and Alternative Energy. DSS strategically acquires and develops assets to increase shareholder value through periodic IPO spinoffs. Since 2019, under the guidance of new leadership, DSS has built the necessary foundation for achievable growth through the formation of a diversified portfolio of companies positioned to drive profitability in multiple high-growth sectors.
For more information on DSS visit https://www.dssworld.com
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Company's intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in our SEC filings, including, without limitation, our reports on Forms 8-K, 10-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
Contact:
DSS Inc. Investor Relations
IR@dssworld.com
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